2 Sep 2013
EUR/GBP rapidly approaching projected downside target at 0.8472
FXstreet.com (Barcelona) - The weak economic data out of Germany last Wednesday sent the euro tumbling versus just about all other major currencies – the British Pound included.
EUR/GBP getting clobbered but nearing downside target
The EUR/GBP fell from a peak of 0.8651 on Wednesday to its current level at around 0.8490 – mostly as a result of investors and traders fleeing the euro. The flight started with the bad German data Wednesday and just has not found a reason to stop yet.
Technical outlook for EURGBP
Technicians are projecting that support for EURGBP will come into play at the Elliott Wave-generated 0.8472 support. Resistance for the cross starts off at 0.8520 and is backed up by 0.8552.
EUR/GBP getting clobbered but nearing downside target
The EUR/GBP fell from a peak of 0.8651 on Wednesday to its current level at around 0.8490 – mostly as a result of investors and traders fleeing the euro. The flight started with the bad German data Wednesday and just has not found a reason to stop yet.
Technical outlook for EURGBP
Technicians are projecting that support for EURGBP will come into play at the Elliott Wave-generated 0.8472 support. Resistance for the cross starts off at 0.8520 and is backed up by 0.8552.